Commentary & Deal Flow

Assemblin Caverion Group AB (publ) (ASSEMB) EUR1.28bn (up from EUR800m) 144A/Reg s sr sec notes 2-part. B2/B/B (stable/positive/stable). Via DB (B&D fixed)/JPM (B&D FRN) jt physical books/Danske/DNB/Nordea jt glocos and Nordic physical books/SEB/Swedbank jt books. No reg rights. List ISE. NY law. Settles 07/01 (T+11).

- EUR780m (from EUR400m minimum and EUR300 minimum) fixed rate notes due 2030 (6y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. IPT 7% area. Px talk: 6.50%-6.75%. Revised px talk: 6.25%-6.50%.

- EUR500m (from EUR400m minimum and EUR300m minimum) FRN due 2031 (7y). NC1 (MWC B+50bp) (par). IPT 3mE+ low 400s. Px talk: 3mE+375-400bp at par. Revised px talk: 350-375bp at par.

EUR480m upsize to repay its EUR460m E+500bp sr sec FRN due 07/05/29 (callable at 100 on 07/05/24 only).

Roadshow Mon-Tues. Reconfirm by 11am UKT today. Pricing today. UOP: in connection with equity sponsor Triton Investment Advisors' combination of its 2 portfolio companies Assemblin Group AB and Caverion Corp completed 04/01/2024 (the EUR918m equity purchase price was funded with EUR418m shareholder equity and a EUR500m shareholder bridge loan), to repay Caverion existing EUR372m credit facilities, repay EUR338m of the EUR500m shareholder bridge loan, the $168m unpaid portion will be converted into equity, and fund the Caverion squeeze out of minority shares (5.61%) (EUR70m). EUR480m upsize to repay its EUR460m E+500bp FRN due 07/05/29 (callable at 100 on 07/05/24 only). Equity sponsor: Triton Partners. Biz: leading Nordic provider of smart & sustainable technical installation and service solutions. HQ: Hagersten, Sweden. (Combination announced 03/05/2024 and completed 04/01/24).